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AUD/USD gains ground to around 0.6595 in Monday’s early Asian session, adding 0.54% on the day.  US NFP registered the smallest gain since December 2020.  The RBA is expected to hold the Official Cash Rate at 4.35% on Tuesday.    The AUD/USD pair gains momentum to near 0.6595 during the early Asian session on Monday. The uptick of the pair is bolstered by the softer US Dollar (USD) after the weaker-than-expected US October Nonfarm Payrolls (NFP) data. However, the uncertainty surrounding the US presidential election might boost the safe-haven flows and weigh on riskier assets like the Australian Dollar (AUD).  Data released by the US Bureau of Labor Statistics (BLS) on Friday showed that the NFP in the US rose by 12,000 in October, followed by the 223,000 increase (revised from 254,000) seen in September and missed the market estimation of 113,000 by a wide margin. Meanwhile, the Unemployment Rate arrived at 4.1% in October, in line with the consensus.  Financial markets have fully priced in a 25 basis points (bps) rate cut by the US Federal Reserve (Fed) at its November meeting on Thursday. Economists expect another quarter-point rate cut in December and possibly additional such moves next year. Investors will closely monitor the US presidential election outcome on Tuesday as it might trigger volatility in the financial markets.  On the Aussie front, the Reserve Bank of Australia (RBA) is anticipated to keep interest rates unchanged at a 13-year high amid a slow pace of disinflation and rising global uncertainties, highlighted by an upcoming US presidential election. “Globally, there’s more uncertainty than usual and coupled with the domestic data, argues for caution and patience from the RBA,” said Su-Lin Ong, chief economist at Royal Bank of Canada.  Australian Dollar FAQs One of the most significant factors for the Australian Dollar…

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Filed under: News - @ November 3, 2024 11:25 pm